Chinese domestic insurer PICC Property and Casualty Company Limited seems to have returned to sponsor its second catastrophe bond using its Hong Kong domiciled special purpose insurer Great Wall Re Limited, as information of a new tranche of notes has appeared albeit with very limited details available at this time.
According to securities market data seen by Artemis, Great Wall Re Limited has issued a tranche of floating rate notes in recent days, with them pricing on September 30th and being set for maturity in roughly one year’s time
PICC Property and Casualty Company Limited (PICC P&C) sponsored its first catastrophe bond back in late December 2022.
In that debut instance, PICC P&C sponsored a $32.5 million Great Wall Re Limited cat bond deal, with the notes providing it with a roughly three-year source of fully-collateralized earthquake reinsurance in China, funded by investors from the insurance-linked securities (ILS) market.
FULL ORIGINAL PUBLICATION HERE